Investment activity picked up more strongly than expected in both the private and the public sectors, pushing GDP growth to 4.3% in 2017. Although it has already peaked, economic activity will remain vibrant in 2018 and thereafter. External demand will continue to grow at a good pace, though somewhat more slowly than last year. Household consumption, backed by a considerable rise in real wages and tax cuts, continues to be a strong driver of economic activity. We project GDP to grow at a rate of 3.5% in 2018 and 2.9% in 2019, declining somewhat to 2.5% in 2020.

map Estonia
Main Economic Indicators201520162017201820192020
Population, 1000 persons131513161315...
GDP, real change in %
GDP per capita (EUR at PPP)217002190023000...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average6.
Average gross monthly wages, EUR106511461226...
Consumer prices, % p.a.
Fiscal balance in % of GDP0.1-0.3-0.3...
Public debt in % of GDP10.09.49.0...
Current account in % of GDP2.
FDI inflow, EUR mn-661665626...
Gross external debt in % of GDP94.390.483.5...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


ESTONIA: Investment keeps growth in high gear

Sebastian Leitner
in: Riding the Global Growth Wave
wiiw Forecast Report No. Spring 2018, March 2018 , pp. 94-97
Details and Buy


Monthly Report No. 7-8/2017

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, August 2017
27 pages including 1 Table and 2 Figures